Demand for apartments outstrips supply in major Irish lifestyle change

FOLLOWING a steady start to 2003, demand for new apartments in Munster grew significantly throughout the year with particular interest in properties situated in Limerick, Cork and Waterford city centres.

There was a level of uncertainty at the start of the year brought on by falling stock prices, a poor economic climate and the war in Iraq meant that sales were slow, confidence was low and only the minority of 'cute investors' were willing to make buying decisions.

However, with continuous low interest rates, the level of unease quickly settled and a new level of energy returned to the market resulting in price rises of between 12-14% for 2003.